$800m worth of promises: Carr's election cap

March 5 2003

The NSW government has pledged to cap its re-election promises at a maximum of $800 million.

Treasurer Michael Egan told a breakfast meeting of business executives the government's recurrent expenditure would be capped to $500 million, rising to $800 million over a four-year term - just half of its budget surplus.

The funds would be directed to new plans that are not covered in the existing budget estimates and therefore need to be funded from within the projected budget surpluses.

"These surpluses are currently projected to total $1,032 million, over the three years of our forward estimates," he said.

He said that within this year's budget and the three-year forward estimates, the government would have a record capital works program of $12.2 billion, and over $26 billion including new investments by the government-owned business enterprises.

"Within that general government capital program of $12.2 billion we have over the next three years, an allowance for new projects, yet to be determined, of approximately $2.4 billion.

"However, I want to point out that prior to the election we will be committing only about one-third of that amount," he said.